Office MarketBeat: CBD Grade A office rents expanded in Q4 2023 amidst persistent flight to quality and lower vacancies. For 2023, CBD Grade A office net demand chalked up less than a third of the level in 2022, due to softer office demand amid the economic slowdown and ongoing CapEx constraints.
Industrial MarketBeat: Rental movements were flat for most property types in Q4 2023. For the whole of 2023, the industrial market rents have largely been on an uptrend given limited supply and resilient demand from new economy sectors. Rental growth is anticipated to moderate going forward this year.
Retail MarketBeat: Islandwide prime retail rents continued to ascend in 2023, underpinned by both demand-led and cost-push factors. While the overall prime retail rents are foreseen to edge up this year, the rental growth in Orchard is expected to consistently surpass and outperform other submarkets.
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